Nigeria foreign reserves hits $43bn; making it highest opening in 6 years

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Nigeria Economy Platform (Foreign Reserves)for the 2019, shown green with the Central Bank of Nigeria (CBN) on Friday disclosed a break through previous records of the nation’s foreign reserves opened above $42 billion recorded in 2013 to over $45 billion as the opening balance for the year

 

According to the records from the apex bank regulator that the last time Nigeria’s reserves stood at $42 billion in 2013 compare with $43,075,740,908 as at December31, 2018, making it the highest opening balance over the last six years in the Nigeria.

 

 

The records as from 2014 through to 2018, shown the reserves hits at $40.6 billion, $34.2 billion, $28.2 billion, 27.9 billion, $38.9 billion and $43.1 billion respectively.

The reserves, which though currently stand at $43,057,191,024 in 2019 declined to previous figures of $43,116,863,593 on December 31, 2018.

 

Despite shedding $18.55 million between the last trading day of 2018 and the first trading day of 2019, the forex reserve still stands at the highest January figure in six years.

 

Amehnews recall that the CBN Governor, Godwin Emefiele has reiterated  that he would not float the naira but defend it and ultimately prioritise same above building reserves.

 

Even, in 2018, Emefiele, made it clear that the CBN under his leadership, would prioritise defending the Naira over building reserves.

 

“We are going to need to build buffers but unfortunately I must say that we are in a period where it is difficult to talk about building reserves,” he had said.

 

“You can only build reserve buffers if you want to hold on to the reserves while allowing your currency to go and wherever it goes is something else.

 

“It is a choice we have to make and at this time, the choice for Nigeria is to maintain a stable exchange rate so that businesses can plan and we don’t create problems in the banking system,” he said in a recent event


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